Do I need to make estimated tax payments in NY if I am unemployed?

[smw-zm-609]

do i have file IT-2105.9 with my ny tax return?

[DMarkM1]

It depends.  NY does tax unemployment and if there were no taxes withheld by NY you may owe a penalty.

If you owe an underpayment penalty to NY because you exceeded the thresholds below extracted from the form instructions, then you will need to submit the form IT 2105.9.  TurboTax will help you complete the form and include it as part of your NY filing as required.  

In general, you may owe the penalty for 2021 if you did not pay at least the smaller of:

• 90% (66⅔% for farmers and fishermen) of the amount of tax shown on your 2021 return; or

• 100% of the tax shown on the 2020 return (110% of that amount if you are not a farmer or a fisherman and the New York adjusted gross income (or net earnings from self-employment allocated to the Metropolitan Commuter Transportation District (MCTD)) shown on that return is more than $150,000 ($75,000 if married filing separately for 2021)). You must have filed a return for 2020 and it must have been for a full 12-month year; or

• 90% of the tax computed by annualizing the taxable income received for the months ending before the due date of the installment.

[smw-zm-609]

Thanks for the info!  I am paying the underpayment by 4/15/2022 and there is no $ penalty due.  Do I still need to submit IT-2105.9 with the NY IT-201 tax return?

[LenaH]

Yes, you still must submit IT-2105.9 with your NY IT-201 for 2021.

Per the IT-210.9 instructions, you may be charged a penalty if you did not pay enough estimated tax by any of the due dates or if you did not have enough New  York State, New York City, or Yonkers income tax withheld. Although you will be paying the underpayment by 4/15/2022 (the due date of the return), you may owe the penalty for an earlier payment due date, even if you paid enough tax later to make up the underpayment.

@smw-zm-609

[smw-zm-609]

Thanks for your help!